When you inherit your parent’s old house, you receive much more than a new property. In the short term, you’ll need to create a strategy to maintain your parent’s old home, from maintaining the HVAC system to paying homeowner’s insurance. In addition, you’ll need to consider your long-term goals and negotiate your responsibilities with any other siblings or heirs to the property.
Whether you’re aiming to sell your parent’s old home or transform it into an inviting, cozy space for your family, here’s how to take care of the property’s short-term maintenance.
Create a short-term maintenance plan.
After inheriting your parent’s old home, create a short-term maintenance plan to keep the property in good condition. Depending on the state of your parent’s old house, you might need to hire professionals for regular maintenance.
Especially in older homes, regular HVAC maintenance is essential to prevent future problems from occurring. Without regular maintenance, your heating and cooling systems are vulnerable to leaks, corrosion, mold, and indoor air quality issues.
When hiring technicians for AC unit maintenance or repair work, search for a local HVAC company known for its affordable prices and excellent service. If you’re not sure where to start, use Google to search for “air conditioning repair in Chicago” to find local air conditioner repair companies in the surrounding area.
Invest in home renovations.
If you don’t have any debt obligations, moving into your parent’s old home allows you to sell your old residence and live in your new home debt-free. Even if you’re planning to sell the property down the road, investing in quality work can help you make the most profit.
If your parent’s old home has been maintained, small-scale renovations can help you transform the property into your dream home. For example, if the property has a small bathroom, investing in a new bathroom can make all the difference. Many full-service bathroom remodeling companies offer shower remodeling and tub conversion, so you can use the money from your old home to design a shower system that fits your lifestyle.
Ultimately, whether you’re considering installing a double vanity or a luxury bath, dreamstyle remodeling can help you honor your parent’s memory and keep the house as part of the family.
Transfer the mortgage into your name.
After inheriting the property, you’ll need to continue making monthly mortgage payments on the existing loan, or you’ll risk foreclosure, which would mean losing the property without any financial compensation.
If you’re unsure whether your parents have an outstanding mortgage or which parent’s name the loan is under, start by checking the home’s title. Alternatively, you can request a credit report for your parents to reveal any outstanding loans, including mortgages and unpaid contractor bills. These debts follow the property in most cases, so when you become the official homeowner, you’ll be responsible for those debts.
Check the home’s insurance policy.
After the homeowners pass away, the home’s insurance policy should be rewritten. Insurance companies typically provide 30 days to find your own coverage, while some companies will keep the current policy intact as long as you keep up with monthly payments.
To ensure the property is fully covered, contact the insurance company to discuss your coverage options. Short-term homeowner’s insurance may be the best option while the house is in probate, but it might end up costing you more. Above all else, it’s important to maintain coverage until you can take out a new policy in your name.
Although inheriting your parent’s old home can be a blessing, it’s also a significant legal and financial responsibility. If you’re in the process of inheriting your parent’s old house, taking the time to explore your options can help you make the best decision for the family.